First Time Home Buyer Tax Credit: Interview With A New Homeowner!

Our team has been working diligently to provide you, our faithful readers, and our buyer clients with helpful information regarding the first time home buyer tax credit. Remember, it was extended from a few months ago and now expires at the end of April! (Note: Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010.)

To give you an idea of a personal perspective and experience with this tax credit, we decided to interview one couple that used the first time home buyer tax credit in 2009 (thank you Scott and Melody for answering these important questions!):

Did you buy a home because of the tax credit?SCOTT: We were already looking for a house when we learned about it. I think it helped seal our decision to go ahead a buy a home. MELODY: Actually, I didn’t even know of the tax credit until after my husband and I decided to purchase our first home. It was a nice surprise! I took it as a sign that we were validated in our prayerful decision to buy our first home.

Explain your overall experience of purchasing a home while using the tax credit.

MELODY: Our realtor and loan advisor were extremely informative about providing information regarding the tax credit. I found the tax credit to be an amazing blessing because we practically depleted our savings in trying to provide a down payment. The tax credit allows us to have an emergency fund in this unstable, unpredictable economy.

Did you use the tax credit toward your down payment?

No.

What was the most helpful resource in learning about the tax credit?

Chris Rooker probably.

Would you recommend that others take advantage of this tax credit?

SCOTT: I don’t think the tax credit should be used as a way to get people to buy a house. Even though it is a lot of money, it is not enough to justify purchasing a house. However, for those already looking for a home, it is a nice incentive.

What advice would you give to buyers who are thinking about using this tax credit?

SCOTT: If you know you want a home now or very soon, go ahead and buy now to take advantage of it. If you don’t see buying a house in the near future, then pass on the tax credit.

If you have already filed your taxes for 2009, did you find it easy to apply the tax credit?

Yes.

Many more of our buyer clients used the tax credit as well. None of them used the money towards a down payment, but they did inform us that it was a breeze to apply the credit to their taxes this year!

If you have any questions about the first time home buyer tax credit, or are considering purchasing a home, contact us! We’re here and happy to help.

About Lisa Oates

Lisa is the creative mind behind The Harrisonburg Homes Team, providing streamlined content management, quality authorship, and graphic design for Harrisonblog. She's passionate about blogging, enjoying life, and a good cup of coffee.

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If you own your own home, you know that there is always a to-do list of home improvements, whether it is of small projects like cleaning the windows or painting baseboards, or of large projects like building a deck or remodeling your master bath. In any case, many homeowners are now rolling up their sleeves and doing projects at home by themselves. It saves a load of cash, allows the work to get finished on your terms, and gives you a sense of pride when its all said and done.
Here are some tips to get you started:

Read up on the particular project you would like to accomplish. If you’ve never refinished hardwood floors, you’ll want to research the ins and outs of that topic!

Purchase (or borrow!) the right tools for the job. Using the right tools will make your job a whole lot easier, and if you borrow from a friend or neighbor, that person will likely give you some advice on how best to go about your project… and might even lend a hand!

Go to a free workshop at Home Depot, Lowes, or the like. The folks that teach these mini-classes have the experience and expertise to get you started. And they are always available to answer questions along the way.

Pick the brains of your friends and neighbors. Have they worked on a project like this? You’d be surprised how many people you know that have worked on their own home improvement projects.

Take your time and do it right. Remember, a lot about owning a home and improving it is to make it desirable to those who will be looking to buy when you are looking to sell. Adding a bathroom might be a great idea, but if it is in a weird location in the home, it might deter future buyers. Just think, “Would I want to buy this home if I were buying again?”

Get ideas from showrooms, friends’ homes, magazines or online photo galleries. It will get your creative juices flowing and you’ll likely be able to find some sort of inspiration for your project.

Come up with a plan and a budget. It is really easy to have your project get away from you. Make sure you stay on task (no one likes an unfinished project!) and stick to your budget. While you are planning, you will want to see how much tools and supplies are going to cost you so you can come up with a reasonable budget — and to determine whether or not you can actually afford to finish the project!

Finally, take before and after photos of your project. You can use these for motivation to move on to the next project, to show your friends what you’ve done (it doesn’t hurt to gloat sometimes, right?), and to show future buyers when you sell your home. It will show that you have added value to the property.

Have you worked on a DIY project? How did it turn out? What was it? Do you have any more tips for getting started… and finishing? Let us know!